Winklevoss Twins' Gemini Exchange Unexpectedly Adds ZCash

Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services

Traders will be able to begin trading the cryptocurrency on May 22.

The week of the Consensus conference has always been a week of news, innovation, and announcements from major players in the cryptocurrency and blockchain industry.

Also of great significance is the fact that Gemini gained formal approval for the ZEC listing from the New York State Department of Financial Services (NYSDFS). "Bitcoin being digital gold and Zcash being digital cash". Zcash has a total market cap of $1.31 billion and approximately $279.77 million worth of Zcash was traded on exchanges in the last day.

"Our approval makes Gemini the first licensed Zcash exchange in the world". Most recently, the Gemini digital currency exchange announced a partnership with Nasdaq that may end up giving the exchange a head start on its competition. It also has customers in the U.K, South Korea, Singapore, Hong Kong, Canada and Puerto Rico. In addition to this, the exchange adheres to fiduciary obligations equivalent to traditional financial institutions and follows Bank Secrecy Act (BSA) enacted customer protection guidelines. The lengthy procedure included a detailed report on Gemini's action plan to deal with risks pertaining to the currency, as well as a brief overview of the Zcash protocol. Later in October, it issued a charter to Gemini to operate a cryptocurrency exchange allowing customers to purchase and sell cryptocurrencies for the United States dollars and vice-versa.

"We at the Zcash Company believe that privacy and confidentiality are part of the foundation of an open and democratic society".

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NY state has been described by many as one of the most advanced states in the union when it comes to cryptocurrency regulations, mostly due to the state's BitLicense program. Gemini will initially allow deposits from both forms of addresses but only unshielded withdrawals will be permitted.

"Zcash picks up where Bitcoin left off", Tyler Winklevoss, CEO of Gemini, said, adding "Bitcoin has many strengths, but privacy is not one of them". However, the blog did mention that they may accept withdrawals to shielded addresses at a later date. Despite this, enhancements such as confidential transactions, the Lightning Network, and MAST will improve the privacy offered by Bitcoin in the near future, while Zcash will tackle the trusted setup it is often criticized for by moving on to zk-STARKs eventually.

ZEC/USD soared to 354 levels on the announcement and is now trading at 323 levels at the time of writing (Bittrex).

Gemini went through an extensive approval process with the NYDFS prior to adding support for Zcash.

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